Hello

We have quite a mixed bag of tax news, business news and other news this week, together with a selection of new guides and updates. 

We are very pleased to announce our new Continuing Professional Development (CPD) webcast programme of 'CPD for lunch' for 2022-23. This is free to our subscribers.

I have had a read-through of the annual reports on the two Treasury initiatives, the Women in Finance Charter and the Investing in Women Code this week and I note that statistically there are as many women MPs sitting in Westminster as there are heading up the top financial institutions. An interesting point to note in the Investing in Women report is that women entrepreneurs borrow substantially less than their male counterparts. Presumably, because they are less risk-averse, or maybe they just have different business models. I certainly am going to take a closer look at that point.

A new call for evidence considers a tourist accommodation registration scheme, the combination of easy-to-use online letting platforms and the rise in the Covid/Brexit staycation has seen unprecedented numbers of properties now being holiday let.

Lots more exciting content and updates below. 

Back soon, 

Nichola Ross Martin FCA CTA (Fellow)
Tax Director

www.rossmartin.co.uk

Your Virtual Tax Partner® online PRACTICAL support for accountants, tax advisers BY accountants and tax advisers.

Quick News (Freeview) 

HMRC consult on repayment agent protections  
HMRC have released a new consultation document entitled: Raising standards in tax advice: protecting customers claiming tax repayments which aims to collate views on ways in which HMRC can legislate to protect taxpayers.

Call for evidence: Tourist accommodation registration scheme in England 
The government has launched a call for evidence ‘Developing a tourist accommodation registration scheme in England’ as part of its ‘Tourism Recovery Plan’. This seeks to explore the benefits and challenges presented by the rise in short-term and holiday letting as seen in England over the last 10 to 15 years. 

New 2022-23 CPD programme
Our new season of CPD webcasts launches for subscribers in July 2022: we are excited to announce their new Continuing Professional Development (CPD) webcast programme of 'CPD for lunch' for 2022-23.  

Women in Parliament: equality in the heart of democracy
Despite registering to vote and voting in equal numbers to men, women still only make up only one-third of MPs in the House of Commons. Can it really be recommended practice to leave your children in the car whilst at work though?

Women in Finance Charter: loss of momentum?
The percentage of females at the top of financial institutions has remained flat at just 33% in 2021 compared to 2020. 

Investing in Women attracts Angels
Significant steps have been made in increasing lending to women entrepreneurs in 2021.

Editor's Pick (Subscribers) 

Property profits & losses: Toolkit (2022-23) 
Our Property profits & losses toolkit takes HMRC's version and adds a great deal more information about what you can claim as an individual.

LLP v Company: which will save me tax?   
Different types of trading structures all have their own tax advantages and disadvantages. What are the key issues if you run an LLP?  Should I run an LLP instead of a company?  Does an LLP save tax?

Guides & Updates (Subscribers) 

Land & property 

SDLT: Multiple Dwelling Relief (MDR)
What is Multiple Dwellings Relief (MDR) for Stamp Duty Land Tax purposes? When does it apply and how is it claimed?

Adviser's Guide: Property Business, profits and losses
What is property income? How is it taxed? How are profits calculated? How are losses relieved? Is NI paid on property income? Is property income classed as a business activity?

Self-employed

Farming: Overview
UPDATE: Are you aware of new farming grants with the tight July deadlines? What are the tax consequences and tax considerations of farming? What are the features of agricultural tenancies?

MTD: Data required by HMRC
The categories of information listed below are being reviewed by HMRC and have not yet been finalised. They have been included mainly for indicative purposes.

Companies & Shareholders

Groups
UPDATE: What qualifies as a group for tax? How do you form a group? Which definition of a group applies for different types of tax? What are the benefits of being in a group?

Employers 

Electric Vehicles: Update 2022
With the increased recent focus on climate change and the government’s plan to ban new petrol and diesel car sales by 2030, we provide an update of the tax issues businesses and their employees should consider when acquiring or providing an electric vehicle.

PAYE late payment penalties buster
What penalties apply to late payment of PAYE? What can you do to manage or reduce them?

Penalties & Compliance 

S.8(1) notice to file a tax return
UPDATE: This guide examines the implications of a notice sent to an individual under s.8(1) TMA 1970 to file a tax return.

Materiality and tax
UPDATE: What is materiality and how does it apply to tax?

Tax Cases (Freeview)

Penalty near-miss for submitting RTI returns too early 
In Quayviews Limited v HMRC [2022] TC08515, the First Tier Tribunal (FTT) found that a company which had submitted its RTI returns between two and five months early, resulting in HMRC charging a penalty, had a reasonable excuse. 

Discovery invalid due to 'invented' till receipts 
In Ruhal Islam v HMRC [2022] TC08513, the First Tier Tribunal (FTT) upheld the appeal against discovery assessments imposing almost £300,000 in tax. It was on the basis that the till receipts that formed the assessment, using the presumption of continuity, were actually fabricated to increase the value of the business for a potential sale.

VAT Cases & Guides 

Deregistration
UPDATE: When do I have to deregister for VAT? When can I voluntarily deregister? What penalties might HMRC issue if I am late notifying them of a mandatory deregistration?

Tax Tools 

Tax Tools
Be a winner with our game-changing tax diagnostics tools for Business Asset Disposal Relief, SDLT & annexes/subsidiary properties, Company reorganisations, R & D Zone and TAAR on winding up. Sign up now!

Tax Queries?

Virtual Tax Partner© Support
Have a tax query? Need a second option? Open a ticket and ask a question. A team of tax experts with a very wide range of expertise: covering direct and indirect tax, as well as accounting, R&D claims, reorganisations and much more. 

CPD for lunch 

Byte-sized chunks of CPD for subscribers

More at CPD Index

Missed last time's Web-update?

Nichola's SME Tax W-update 23 June 2022

  • HMRC increase late payment interest rate again 
  • HMRC release NIC tool     
  • Call for loan charge evidence from professional advisers 
  • P11D/P45 (car) online form issues for electric cars  
  • Consultation: Draft legislation: Energy (Oil and Gas) Profits Levy Bill 
  • Agent Update: June 2022 
  • Penalties: P11Ds
  • Goodwill was not acquired from retiring partner
  • SEIS: film production company meets risk to capital condition
  • Favourable PRR decision: new planning opportunity?
  • Capital Goods Scheme
  • ABC shares: setting up share classes with different rights
  • Buy-to-let ownership: personal v. company? (Subscribers)
  • Landlords: Capital allowances (subscriber guide)
  • MTD: Toolkit for accountants
  • Employment-Related Securities: Reporting 
  • Cycles & cyclist's safety equipment
  • Exemption for paid and reimbursed expenses
  • Discovery Assessments
  • CPD: VAT update 2022 ...More 

 

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